25 Jun 20210625 Premarket Prep Gold
#fintwit #orderflow #daytrading #premarketprep #XAUUSD #GOLD #Forextrader #forex #FX #Forexlifestyle #daytrade #tradeplan #tradingplan #tradingforex #tradinglifestyle #daytraderlife
This is my premarket prep for today’s European session for GOLD. This prep builds off of my weekly trade plan I made here:
The purpose of a premarket prep is to find setups within my weekly trade plan bias
Compared against Weekly Trading Plan
- Price retraced to MN demand with slight reaction
- Price trading within last week’s range below VWAP
Non-conjecture observations of the market
- Price action
- D1 failed to close higher instead a slight DBD giving D1-C‑S 1779.092 with longer selling wicks
- D1/W1 demand tested 4 times
- H4 Phase 1 / 3, H4 Bull Engulf with slight continuation higher in premarket.
- Trend: H4 Down, D1 Down, W1 Up
- Prevailing trend: Trend is DOWN 2/3
- Market Profile
- 4‑day bracket
- Daily Range
- ADR: 26656
- ASR: 16464
- 412
- Day
- Yesterday’s High 1787.910
- Yesterday’s Low 1772.920
Sentiment
- LN open
- Open Within Value
- Open distance to value
- N.A.
- Narrative
- Balancing market. Open within value, 4‑day bracket. D1-C‑S 1779.092 at VAL. Although H4 closed higher but still trading below H4 VWAP. D1 did not close within demand (although tested multiple times) so could also be a possible D1 Phase 1 / 3
- Clarity (1–5, 5 being best)
- 3
- Hypo 1
- Failed Auction Short, open sentiment,
- Hypo 2
- Sustained Auction Short, value rejection,
- Hypo 3
- Auction Fade Short, trading within D1 Supply
- Hypo 4
- Sustained Auction Long, possible H4/D1 phase 1 above MN demand
Additional notes
- Capital preservation rule in effect
ZOIs for Possible Shorts
- D1-C‑S 1779.092
ZOIs for Possible Long
- W1-C‑D 1774.420
Mindful Trading (lack of sleep?)
- Feeling okay
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Total of 13 trades by the end of the month
- Weekly Goal
- Min. 3 times working out at home + mandatory cardio
- Risk Management
- Without forcing a trade: aim to take 1 trade a day, if possible 2.
- Capital Preservation during drawdown allows for 1R profit-taking
- 2 consecutive days of lack of sleep = NO TRADING
No Comments